Paluck Technologies IPO Opens August 28
Paluck Technologies Limited is preparing to enter the public market with its BSE SME IPO scheduled to open on August 28, 2026, and close on September 1, 2026.
The company has fixed a price band of ₹46 to ₹48 per equity share. At the upper price band, the company aims to raise approximately ₹33 crore.
Anchor investor bidding is scheduled for August 27, while the shares are expected to list on the BSE SME platform on September 4, 2026.
Paluck Technologies IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | August 28, 2026 |
| IPO Close Date | September 1, 2026 |
| Anchor Date | August 27, 2026 |
| Price Band | ₹46 – ₹48 |
| Face Value | ₹10 per share |
| Lot Size | 3,000 Shares |
| Retail Minimum | 6,000 Shares |
| Minimum Investment | ₹2.88 Lakh |
| Issue Size | Approx. ₹33 Cr |
| Fresh Issue | Approx. ₹31.35 Cr |
| Listing Exchange | BSE SME |
| Allotment | September 2, 2026 |
| Listing Date | September 4, 2026 |
The basic market lot is 3,000 shares, while current SME application rules mean an individual investor must apply for at least 6,000 shares, requiring ₹2.88 lakh at the upper price band.
What Does Paluck Technologies Do?
Paluck Technologies is a Gurugram-based diversified engineering services company with more than 15 years of operating experience.
The business originally focused on diesel generator and engine servicing but has gradually expanded into multiple engineering segments, including telecom infrastructure, electrical solutions, solar systems, equipment rental and related engineering services.
The company provides installation, maintenance, servicing and technical support for telecom infrastructure, electrical systems, engines and other critical equipment.
This diversified business model allows Paluck to participate in several infrastructure and industrial growth areas rather than relying entirely on one engineering segment.
Telecom Infrastructure Is an Important Business Area
India's telecom infrastructure continues to expand as mobile-data usage, fibre networks and digital connectivity increase.
Telecom towers and supporting infrastructure require ongoing installation, servicing, power systems and maintenance.
Paluck's experience in telecom-related engineering and maintenance services gives the company exposure to this long-term infrastructure requirement.
The opportunity could expand further as telecom operators continue improving network coverage and capacity.
Solar and Electrical Solutions Add Another Growth Avenue
Paluck has also expanded beyond its traditional generator and telecom operations into electrical and solar-related engineering solutions.
India's increasing renewable-energy adoption is creating demand for solar installations and supporting electrical infrastructure.
For Paluck, expanding these newer segments could gradually diversify revenue and reduce dependence on traditional engineering-services activities.
Profitability Has Improved Strongly
One of the most important points in Paluck Technologies' IPO story is the recent improvement in profitability.
| Financial Period | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY2024 | ₹101.74 Cr | ₹13.27 Cr | ₹3.43 Cr |
| FY2025 | ₹102.90 Cr | ₹18.99 Cr | ₹9.63 Cr |
| 11M FY2026 | ₹105.09 Cr | ₹23.93 Cr | ₹13.84 Cr |
Revenue growth between FY2024 and FY2025 was relatively modest, but profitability improved considerably.
PAT increased from approximately ₹3.43 crore in FY2024 to ₹9.63 crore in FY2025. During the first 11 months of FY2026, PAT had already reached approximately ₹13.84 crore.
This indicates that the company's recent earnings growth has been driven by more than topline expansion alone.
Margins Show Significant Improvement
Paluck's latest reported EBITDA for the first 11 months of FY2026 stood at approximately ₹23.93 crore, compared with ₹18.99 crore for the entire FY2025 period.
The improvement in margins is encouraging ahead of the IPO.
However, investors should watch whether these higher margins can be maintained as the company expands its operations and purchases additional equipment.
IPO Funds to Buy RMC Machinery
An important portion of the IPO proceeds will be used for capital expenditure toward purchasing Ready-Mix Concrete machinery and DG sets.
Ready-Mix Concrete equipment could help Paluck expand its construction-equipment capabilities and undertake larger opportunities.
This represents an important step because the IPO is not simply providing additional cash—the company is investing a meaningful portion into physical assets intended to generate future business.
Working Capital Will Support Larger Operations
Another part of the IPO proceeds will fund working-capital requirements.
Engineering and infrastructure businesses can require substantial working capital because companies often need to purchase equipment, deploy employees and complete work before customers make final payments.
As Paluck attempts to handle larger contracts, its working-capital requirements could increase.
Additional IPO capital can therefore help support growth without relying entirely on new borrowings.
Borrowings Have Declined
Paluck's borrowings have shown an improving trend.
Total borrowings declined from approximately ₹30.05 crore in FY2024 to ₹17.49 crore in FY2025, and further to around ₹13.17 crore by February 2026.
The company also plans to use part of the IPO proceeds for repayment or prepayment of certain outstanding borrowings.
Further debt reduction could lower finance costs and provide greater financial flexibility for future expansion.
Customer Concentration Needs Attention
Despite the improving financial performance, investors should consider customer concentration.
The company's top 10 customers contributed approximately 44.73% of revenue during the latest reported period.
Losing one or more major customers, or a reduction in orders from them, could therefore affect revenue.
Expanding the customer base alongside its new engineering capabilities will be important for reducing this risk.
Legal and Borrowing-Related Risk
Another point disclosed around the IPO deserves attention.
Recent IPO analysis notes a criminal complaint related to a Tata Capital loan default of approximately ₹5.23 crore.
Investors evaluating the issue should consider such legal and financial matters alongside the company's improving earnings and declining borrowings.
Paluck Technologies GMP Today
As of the morning of August 25, 2026, one current grey-market tracker reported Paluck Technologies IPO GMP at approximately ₹10 per share, implying an unofficial premium of about 20.8% over the ₹48 upper price band.
However, other recent trackers have shown different or zero GMP figures, highlighting how unofficial and inconsistent grey-market quotations can be.
GMP is not exchange-traded or regulated and should not be treated as a guaranteed listing return.
What Looks Positive?
Paluck Technologies enters the IPO with an established engineering-services business and exposure to multiple sectors including telecom, electrical systems, solar and construction equipment.
The improvement in profitability is particularly notable. PAT increased from ₹3.43 crore in FY2024 to ₹9.63 crore in FY2025, while the first 11 months of FY2026 generated approximately ₹13.84 crore PAT.
Borrowings have also declined, while IPO proceeds are intended to support additional machinery, working capital and further debt repayment.
Key Risks to Watch
The company's relatively modest historical revenue growth compared with its recent jump in profitability needs to be monitored.
Customer concentration, working-capital requirements and the disclosed borrowing-related legal matter are other important risks.
Paluck is also an SME IPO, meaning post-listing liquidity may be lower and price volatility higher than in established mainboard stocks.
Final View on Paluck Technologies IPO
The Paluck Technologies IPO opens from August 28 to September 1, 2026, with a price band of ₹46–₹48 per share and an issue size of approximately ₹33 crore. The shares are scheduled to list on BSE SME on September 4.
The company's recent earnings trajectory stands out. While FY2025 revenue was approximately ₹102.90 crore, PAT reached ₹9.63 crore, and the first 11 months of FY2026 already produced approximately ₹105.09 crore revenue and ₹13.84 crore PAT.
The IPO-funded investment in RMC machinery, DG sets, working capital and debt reduction could support Paluck's next stage of expansion.
For investors, the important question will be whether Paluck Technologies can convert its improving profitability and new equipment investments into sustained revenue growth while managing customer concentration, working capital and financial risks after listing.
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